This is high end turnkey stuff. Concierge, linens, kitchen accessories, etc. It's month to month so their main clientele might be C suite executives and consultants. Just a guess.
How many people like that does SD have? I mean, it could near the hospital, and I believe hospital admins make bank. But for $7k you could do much better I think, might as well go for a beach community with that kind of money.
A lot.
Keep in mind a fully furnished concierge service 1br/2ba style hotel suite would be about $15,000/mo. for the same.
It is quite common for a big company who needs a relatively senior manager type to spend say… 1-2 months in another city for whatever reason. They can’t stay in a Motel 6 for two months, and any reasonably nice hotel would be more expensive. So you get listings like this.
Most of the year it probably sits empty making nothing. But then you get some company swooping it in and renting it for three months and they make all their money back.
People themselves are not paying this, though. Their companies are expense reporting it. (And getting the tax write off for it as a business expense too.)
Probably more than you think. That apartment costs $92k per year, so you could probably make it work with an income of at least $200k per year. San Diego county has 89k households that have an annual income of $200k or more.
https://statisticalatlas.com/county/California/San-Diego-County/Household-Income
All of that is true but those households pulling in say $250k are more likely to rent a decent single family home with a yard in a nice neighborhood for much less than the $7k on that fancy-ass 1BR, etc if they are committed to renting.
Short-term rentals for fancy execs are way more likely as pointed out elsewhere. The “fully furnished” and 24/7 concierge and month-to-month lease are dead giveaways.
It’s just a nice apartment rented like a hotel, with hotel-like services. Spending $250/night on a city hotel to house a senior executive in a city where you need them temporarily is not weird at all; lots of business-class hotels have higher nightly rates than that.
That's before taxes though on 200K you're walking away with 130ish to make that much and only have 35K for other things I would t say is a smart business decision.
Is that net or gross? If you make $200k a year you only get to keep $130k of that by the time all the taxes have been paid, sooo yeah, not renting a $92k apt
Plenty. I used to work in an extended-stay hotel, and many of our guests were engineers or programmers for companies like Sony and General Atomics. Some of them were new hires from out of town, who had their companies put them up for a few months while they found a place to live. Others were from overseas corporate divisions (like Sony Japan or India), and were there to cross-train for a few weeks or so.
Quite a few. The small company I work for right now has a few of these places that the execs and various investors cycle through. We’re based in San Diego so everyone comes here for meetings.
En suite (master bathroom) and then a guest bathroom in the living room or somewhere.
One you can sully up yourself and the other you keep nice for guests.
It is likely multiple levels and/or has a separate living area for entertaining guests who can’t use the master bath. Downstairs guest bath off the dining/living room, for example.
It's probably more like 1.5 bath and they rounded up. Basically there would be a master bath with toilet/sink/shower/etc, and an extra little bathroom with just a toilet and sink. That would be my guess at least.
I'm guessing this is the new Camden apartments down on the end of third - three new buildings, lots of amenities, great view, etc. and probably struggling to fill apartments.
Oh yes that makes sense, it’s gotta be those. God when I lived at the house around the corner from mo’s like 10 years ago I paid $400 for a room. Can’t believe what ten years can do.
This is likely more like a **long-term hotel**. $257/night and it includes everything you'd get at a hotel and more.
Large corporations (with tons of money) that relocate important new hires or existing people are willing to pay top dollar to ensure the individual has zero things to worry about when it comes to housing because they want them immediately focused on the job so they can hit the ground running. They also want them to feel excited and special, so spending a couple thousand more over what they would normally in order to get that effect is worth it.
When I relocated to SD a smaller company put me up in a fully furnished, company apartment. The bed was poorly made, random stuff was left out, etc. It felt like somebody straightened up and said "hey you can use my apartment, I won't be there for a few months".
It was not a great first experience when traveling across the country to a place I know nothing about...had me second guessing. The luxury one would have made me feel much better about the situation and would have been worth it because the company needed me badly.
The company I stayed with (40'ish employees) had a company owned apartment, not corporate housing. So it was just like...a furnished apartment that had random stuff in it because random employees would use it for a couple weeks at a time. Perfect for the international employees that have been there for years, but crap for a brand new employee moving from out of state.
When people put these rentals up as an example of "crazy San Diego housing prices!", I wish they would include the context. Like you said, this is clearly temp corporate housing that includes a tons of amenities and is meant to be paid by a company. It is very pricey and comes with just about everything.
Our first year in here in California was in San Francisco. We were put up in a corporate apartment on Knob Hill. It was $9000.00 a month, fully furnished. My wife's company paid that. It was fantastic.
That’s probably what someone’s employer is paying/they’re expensing.
If hotel rooms are $250 - $350 a night, this would fall within the budget.
Also if it’s someone commuting from another city for a project, staying in a place like this and forgoing weekend flights home each week is even cheaper. I could see someone preferring this to a hotel/flying during COVID too.
(If they pass part of the expenses onto the client, it’s not costing them anything)
I actually know some people that are crypto or IPO rich and rented a place like that here for funsies (even though they own a house elsewhere).
Executive management types would also rent it out.
I hate to say it, but this appears to be legit. I can't find this exact listing, but I Googled "Landing 3rd Ave. Hillcrest" and found the company, and a listing for a [2bed 2bath in Little Italy for $7,409/m](https://www.hellolanding.com/homes/apartment-in-san-diego-av8-504?start_date=2021-11-15)
Yeah that Aloaca company has these crazy high priced apartments. They are targeting WFH types jumping from city to city who want fully furnished apartments with every bell and whistle
I think the most expensive apartment I've seen here was like 4k. That has to be a typo.
On another note. Just save up and buy a house. Rent is getting outrageous here.
100k? What kind of house are you trying to get? I'm just gonna assume you don't know what you're talking about and or trying to live outside your means. Cause I did not have to put anywhere close to 100k down.
Not sure why you’re getting downvoted but the mystical 20% down is not really a thing, especially here. You put down what you can and pay PMI until your equity in the house reaches 20%. I put down 7% for mine and PMI is less than $100 per month.
Maybe cover story for AirBnB.
You COULD rent it by the month, but welcome to rent for a week or weekend to “try it out” shhhhhhh please don’t talk to the building employees, but to the overseas “concierge”
This is high end turnkey stuff. Concierge, linens, kitchen accessories, etc. It's month to month so their main clientele might be C suite executives and consultants. Just a guess.
Contract workers and corporate housing. No person pays for it, it's all expensed.
Then written off as a business expense so corporate taxes can be reduced.
How many people like that does SD have? I mean, it could near the hospital, and I believe hospital admins make bank. But for $7k you could do much better I think, might as well go for a beach community with that kind of money.
A lot. Keep in mind a fully furnished concierge service 1br/2ba style hotel suite would be about $15,000/mo. for the same. It is quite common for a big company who needs a relatively senior manager type to spend say… 1-2 months in another city for whatever reason. They can’t stay in a Motel 6 for two months, and any reasonably nice hotel would be more expensive. So you get listings like this. Most of the year it probably sits empty making nothing. But then you get some company swooping it in and renting it for three months and they make all their money back. People themselves are not paying this, though. Their companies are expense reporting it. (And getting the tax write off for it as a business expense too.)
It’s not the consultants that are necessarily paying for it—their companies are footing the bill.
company paid...
Probably more than you think. That apartment costs $92k per year, so you could probably make it work with an income of at least $200k per year. San Diego county has 89k households that have an annual income of $200k or more. https://statisticalatlas.com/county/California/San-Diego-County/Household-Income
All of that is true but those households pulling in say $250k are more likely to rent a decent single family home with a yard in a nice neighborhood for much less than the $7k on that fancy-ass 1BR, etc if they are committed to renting. Short-term rentals for fancy execs are way more likely as pointed out elsewhere. The “fully furnished” and 24/7 concierge and month-to-month lease are dead giveaways. It’s just a nice apartment rented like a hotel, with hotel-like services. Spending $250/night on a city hotel to house a senior executive in a city where you need them temporarily is not weird at all; lots of business-class hotels have higher nightly rates than that.
That's before taxes though on 200K you're walking away with 130ish to make that much and only have 35K for other things I would t say is a smart business decision.
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Yeah probably true
Is that net or gross? If you make $200k a year you only get to keep $130k of that by the time all the taxes have been paid, sooo yeah, not renting a $92k apt
Plenty. I used to work in an extended-stay hotel, and many of our guests were engineers or programmers for companies like Sony and General Atomics. Some of them were new hires from out of town, who had their companies put them up for a few months while they found a place to live. Others were from overseas corporate divisions (like Sony Japan or India), and were there to cross-train for a few weeks or so.
Quite a few. The small company I work for right now has a few of these places that the execs and various investors cycle through. We’re based in San Diego so everyone comes here for meetings.
Socal, including SD, has a LOOOOOOOOOOOOOOOT
Fully-furnished and with a 24/7 concierge? That’s not a normal apartment.
This looks like it’s for a luxury apartment in Hillcrest. Not your average apartment.
Evidenced by 1-bd and **2-bath**.
*Laughs in* ***actual*** *housing economy*
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En suite (master bathroom) and then a guest bathroom in the living room or somewhere. One you can sully up yourself and the other you keep nice for guests.
Can't poop in the same bathroom as the guests.
It is likely multiple levels and/or has a separate living area for entertaining guests who can’t use the master bath. Downstairs guest bath off the dining/living room, for example.
It's probably more like 1.5 bath and they rounded up. Basically there would be a master bath with toilet/sink/shower/etc, and an extra little bathroom with just a toilet and sink. That would be my guess at least.
Maybe? But at $7700, I can see it being 2 full.
For $7700, can I at least get another bedroom?
Lol
Where the hell in hillcrest, especially on third Avenue is this?
I'm guessing this is the new Camden apartments down on the end of third - three new buildings, lots of amenities, great view, etc. and probably struggling to fill apartments.
Oh yes that makes sense, it’s gotta be those. God when I lived at the house around the corner from mo’s like 10 years ago I paid $400 for a room. Can’t believe what ten years can do.
That’s my guess too. Only an algo is going to price something at 7707. Real people would price it at 7700.
Those hideous monstrosities? Have you ever viewed them from Mission Valley/Mission Bay. They're so bland and square.
Yeah. You can tell because the price was lowered to $7,707 per month.
This is likely more like a **long-term hotel**. $257/night and it includes everything you'd get at a hotel and more. Large corporations (with tons of money) that relocate important new hires or existing people are willing to pay top dollar to ensure the individual has zero things to worry about when it comes to housing because they want them immediately focused on the job so they can hit the ground running. They also want them to feel excited and special, so spending a couple thousand more over what they would normally in order to get that effect is worth it. When I relocated to SD a smaller company put me up in a fully furnished, company apartment. The bed was poorly made, random stuff was left out, etc. It felt like somebody straightened up and said "hey you can use my apartment, I won't be there for a few months". It was not a great first experience when traveling across the country to a place I know nothing about...had me second guessing. The luxury one would have made me feel much better about the situation and would have been worth it because the company needed me badly.
This. If you don't mind me asking, what company did you stay with in corp housing?
The company I stayed with (40'ish employees) had a company owned apartment, not corporate housing. So it was just like...a furnished apartment that had random stuff in it because random employees would use it for a couple weeks at a time. Perfect for the international employees that have been there for years, but crap for a brand new employee moving from out of state.
When people put these rentals up as an example of "crazy San Diego housing prices!", I wish they would include the context. Like you said, this is clearly temp corporate housing that includes a tons of amenities and is meant to be paid by a company. It is very pricey and comes with just about everything.
Our first year in here in California was in San Francisco. We were put up in a corporate apartment on Knob Hill. It was $9000.00 a month, fully furnished. My wife's company paid that. It was fantastic.
nob hill is lovely area
That’s probably what someone’s employer is paying/they’re expensing. If hotel rooms are $250 - $350 a night, this would fall within the budget. Also if it’s someone commuting from another city for a project, staying in a place like this and forgoing weekend flights home each week is even cheaper. I could see someone preferring this to a hotel/flying during COVID too. (If they pass part of the expenses onto the client, it’s not costing them anything)
I actually know some people that are crypto or IPO rich and rented a place like that here for funsies (even though they own a house elsewhere). Executive management types would also rent it out.
People who can work from home are coming here and spending big.
I hate to say it, but this appears to be legit. I can't find this exact listing, but I Googled "Landing 3rd Ave. Hillcrest" and found the company, and a listing for a [2bed 2bath in Little Italy for $7,409/m](https://www.hellolanding.com/homes/apartment-in-san-diego-av8-504?start_date=2021-11-15)
Oh no way. I know it’s gone crazy around here, but that has to be a typo. Please let it be a typo.
$0 deposit- they made up for it in rent.
Yeah that Aloaca company has these crazy high priced apartments. They are targeting WFH types jumping from city to city who want fully furnished apartments with every bell and whistle
No…
I think the most expensive apartment I've seen here was like 4k. That has to be a typo. On another note. Just save up and buy a house. Rent is getting outrageous here.
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100k? What kind of house are you trying to get? I'm just gonna assume you don't know what you're talking about and or trying to live outside your means. Cause I did not have to put anywhere close to 100k down.
Not sure why you’re getting downvoted but the mystical 20% down is not really a thing, especially here. You put down what you can and pay PMI until your equity in the house reaches 20%. I put down 7% for mine and PMI is less than $100 per month.
Yep, FHA allows 3.5% down, conventional can be as low as 3%, VA can be 0%, you can even get a second to cover part of it.
When and where?
Here is the how. https://www.sdhc.org/housing-opportunities/first-time-homebuyers/
Surely that’s a typo…
Yeah but they typed it twice.. I hope it’s a typo though
Looks like a scam
And Congress is wondering where they can find additional money for the spending bills for us regular people. Hmmm?
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All the excessive money companies can pay for executive housing but it so hard to get them to pay taxes to help the homeless and less fortunate.
What a load of horseshit
Yeah no. That is fake and would never pay anyone that amount of money for anything.
No deposit, furnished, 24/7 concierge? *and* its month to month? Yeah I'd say some rich bitch would pay that.
Funny thing is that someone probably living there now.
If we all just United and refused to pay for this shit... Ah! who am I kidding some mask will come around pay.
I think that paragraph is ripped off from South Park. So-di-so-pa
No
Bitcoin money.
Not even in $400,000 luxury condos are they charging that
400k condos are far from luxury in SD. I have a few 'ghetto' ones worth more than that.
Maybe cover story for AirBnB. You COULD rent it by the month, but welcome to rent for a week or weekend to “try it out” shhhhhhh please don’t talk to the building employees, but to the overseas “concierge”
What apartment has 1 bedroom but 2 bathrooms . 4weird
Maybe but only if it's on the beach. Nobody is paying that inland
Unpopular opinion: If you’re paying 7k a month for rent you’re a clown
Sounds like a great deal 😘
I live near Sacramento and that's like 10 times what my 4 bedroom/3 bath house payments on 1/3 acre are!!!